Paypal co-founder Peter Thiel has invested $2.1 million into cryptocurrency investment and engineering infrastructure platform Layer1.
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Layer1’s objective is to become a technology-focused fund to support “promising” blockchain protocols, structuring technology to encourage development.
The company focuses on “programmable money and store-of-value applications,” as they see those use cases as having the highest probability for value creation.
“Cryptocurrencies, as open-source protocols, offer the unprecedented opportunity for companies … to meaningfully add value. This is fundamentally different from the possibilities available in traditional asset classes,” said Layer1’s co-founder Alexander Liegl.
According to Layer1, the company is “deeply involved” with grin, a privacy coin set to launch on Jan. 15, 2019.
In May, Thiel invested in Tagomi Systems Inc., which will serve as a broker-dealer optimizing large bitcoin orders for high-value clients. The company began its services earlier this week.